Phoenix Mills, a retail-led assets company, announced that Island Star Mall Developers Private (ISMDPL) is a wholly owned subsidiary of the company wherein the company is directly holding 91.28% shareholding and remaining 8.72% equity shareholding is held by Pinnacle Real Estate Development Private (PREDPL), another wholly owned subsidiary of the company.

In accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company has acquired 8.72% equity stake in ISMDPL from PREDPL on December 28, 2016.

Subsequent to the aforesaid acquisition, the direct equity stake of the company in ISMDPL has increased from 91.28% to 100% and ISMDPL continues to remain a wholly owned subsidiary of the company.

Shares of the company gained Rs 6.6, or 1.83%, to trade at Rs 368.00. The total volume of shares traded was 241 at the BSE (12.24 p.m., Thursday).